According to the Public Interest and Accountability Committee (PIAC), Ghana’s crude oil revenue substantially increased in the first half of the year, rising 55.6% compared to the same period last year.
In its semi-annual report, PIAC attributes this growth to higher production volumes, especially from the newly operational Jubilee South East well.
As a result, oil production saw a 10% year-on-year increase, with revenues reaching $840.7 million—up from $540 million in the first half of the previous year.
Despite the positive revenue growth, the report also underscores a persistent challenge: outstanding surface rental arrears, which remain high at $1,212,335.53, excluding arrears from terminated petroleum agreements.
In response, PIAC has called on the Ghana Revenue Authority (GRA) to prioritize the recovery of these arrears.
The Committee further recommended that all assessed surface rentals be deposited into the Petroleum Holding Fund (PHF) by February 28 each year, per the law.
PIAC emphasized the importance of ensuring that the revenue gains from increased oil production are translated into sustainable national benefits, underscoring the need for improved accountability and timely revenue collection.
Click on the link to join the OnlineTimesGH News channel for curated, meaningful stories tailored just for
YOU: https://whatsapp.com/channel/0029VajF89Q6WaKprDT5mu2V